The crypto market has been subdued in recent months due to a lack of bullish signals, but that is expected to change with the start of October. Historically, the tenth month of the year is the point of resurgence of investor interest in crypto assets, being referred to as “Uptober.”
BeInCrypto's analysis presents three of the biggest predictions for October that could generate considerable changes in investor behavior.
AI sector poised for explosion
Artificial Intelligence (AI) has been making waves for quite some time now, and despite a relatively neutral month, AI tokens have managed to impress their investors. In the 30-day period, the total market capitalization of these assets has grown by 23%, from $27 billion to $33 billion at the time of writing.
Speaking about the fate of AI, Ryan Lee, chief analyst at Bitget, presented an equally optimistic outlook.
Read more: How Artificial Intelligence is Changing the Future of Cryptocurrencies
“Ecosystems like SUI and AI are showing promising recoveries. I am bullish for October, especially with the US elections on the horizon. We may see early policy signals that could influence market sentiment,” Lee told BeInCrypto.
AI Token Market Capitalization. Source: CoinMarketCap
Interestingly, the top 5 AI tokens are also among the top 30 crypto assets, with Bittensor (TAO) seeing a 50% increase in the last four weeks. Thus, in the crypto market, the AI sector is worth watching, as another 23% increase in market cap in October could push the value of AI tokens to $41 billion.
Bitcoin a US$ 70 mil
Bitcoin’s price rose 7.8% throughout the month of September, even as the crypto market was not bullish. This surge has led BTC to trade at $63,658 at the time of writing.
Bitcoin now faces two major resistances: $65,000 and $70,000.
The first could be surpassed in the coming days, which could also lead BTC to hit the second resistance. $70,000 is just over 10% above BTC’s trading price, making it an achievable target.
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Furthermore, as the “Sell in May and Go Away” strategy nears its end, a flood of inflows from both retail and institutional investors is expected in October. Matt Mena, crypto research strategist at 21.co, shared a similar outlook with BeInCrypto.
“With the summer lull and macroeconomic headwinds behind us, institutional and retail investors will likely re-engage with these assets, providing a strong catalyst for Bitcoin to potentially retest the $70K level. As election uncertainties begin to dissipate and the outcome becomes clearer, the market should respond positively — regardless of the winner. Markets thrive for sure, and with ambiguity reducing, we can expect prices to start gaining momentum,” Mena told BeInCrypto.
Bitcoin Price Analysis. Source: TradingView
Furthermore, Bitcoin’s all-time high of $73,787 is just a stone’s throw away from $70,000. So if inflows can push BTC past the $70,000 barrier and turn it into support, investors’ profits could skyrocket.
SUI may reach new record
SUI has had an exceptional September, rising over 113% since the start of the month. Currently trading at $1.70, the altcoin is looking to consolidate that value as a support floor, as the all-time high of $2.18 is 28% above the current price.
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Historically, SUI has struggled around its current price. This is because it tends to act as a stronger resistance than a support level.
However, considering that the altcoin has only shown optimism this month, $1.70 could potentially turn into support. Adding to this, Matt Mena, Crypto Research Strategist at 21.co, highlighted growth for SUI in the future.
SUI Price Analysis. Source: TradingView
“On the alternative Layer 1 front, I anticipate SUI will continue to attract users and developers… We are already witnessing this momentum, with SUI’s TVL surpassing $1 billion yesterday… even at lower token prices. This growth underscores the resilience and growing appeal of these platforms as they capture market share in the competitive blockchain landscape,” Mena told BeInCrypto.
However, selling also poses a threat to this growth, and profit-taking could halt SUI’s rise. Investors locking in their gains could lead to SUI’s price losing support at $1.70, which could take it to $1.45. Losing the latter support could invalidate the bullish outlook, keeping the altcoin away from forming a new all-time high.
The article Check out crypto predictions for October 2024 was first seen on BeInCrypto Brasil.
